The exchange however maintained that it is not planning to close its NFT marketplace.
It wants to align the exchange’s resources in developing other features.
Coinbase has been struggling with revenue generation.
Cryptocurrency exchange Coinbase on Wednesday tweeted that it was pausing creator drops in its NFT Marketplace. The exchange however assured clients that the move is not an overture to the closure of the NFT marketplace.
Coinbase explained that it was doing so to free up resources so that it could focus on other tools and features that creators have requested.
We recently shared that we are pausing creator Drops on the NFT marketplace to focus on other features and tools that creators have asked for.
To be clear: We are not shutting down the Coinbase NFT marketplace.
— Coinbase NFT (@Coinbase_NFT) February 1, 2023
Coinbase has been facing a lot of challenges lately. It cut its workforce by 25% and closed its operations in Japan. It also recently got fined in the Netherlands for operating there without a licence.
Jessica Yatronofsky NFT collection
Coinbase announcement came shortly after one of its NFT partners, Jessica Yatronofsky, announced that her NFT collection would no longer be available on the Coinbase NFT Marketplace. Yatronofsky claimed that she had information that the marketplace would cease to operate as of February; something that is most likely the reason for Coinbase to reiterate it was not closing the Marketplace.
According to Coinbase, the changes will help the development team behind the Coinbase NFT to focus more on improving the platform. A representative from the exchange said that the team will now be able to focus on creating long-lasting solutions to serve its community.
In another tweet, Coinbase said:
“Rest assured, our mission for Coinbase NFT hasn’t changed and we remain optimistic about our future as we continue building. We’re excited to find more opportunities to work with creators in the future.”
Coinbase COIN share price
While there is no concrete reason that has been given by Coinbase for pausing the NFT drops, Coinbase share price has been rising over the last few days.
Yesterday COIN closed the market at $65.70, up +7.22 (12.35%). the stock has gained +9.64 (17.20%) in the past five days.
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